Which of the following best describes scrap?
◦ units of production that do not meet the specifications required by customers but that are
subsequently repaired and sold as good finished units
◦ products of a joint production process that have low total sales values relative to the total sales
value of the main product
◦ residual material that results from manufacturing a product
◦ units of production whether fully or partially completed, that do not meet the specifications
required by customers for good units and are discarded or sold at reduced prices
